MSc Accountancy

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INFORMATION EVENING MSc ACCOUNTANCY Annual report of IKEA

Transcript of MSc Accountancy

INFORMATION EVENING

MScACCOUNTANCY

Ann

ual re

port

of

IKEA

WHO’S WHO?

Dr. S. (Stephan) Hollander

Program Director MSc Accountancy

[email protected]

Drs. M.T.H. (Mira) Gorris

Program Coordinator MSc Accountancy

[email protected]

Drs. R.C.W. (Rob) Eken

Manager Post-Master Accountancy

[email protected]

J.J.C.J. (Joëlla) Albers, MSc

Manager European and International Post-Master Accountancy

[email protected]

ROAD-MAP

Why MSc Accountancy?

Why Tilburg University?

Career perspectives?

Which tracks?Which courses?

Which teaching methods?

Internships?Guest lectures?Contact w/ companies?Etc.

Which lecturers?

MSC ACCOUNTANCY

Accounting

Business

Administration

Management

WHY ACCOUNTING?

Nr. 1 in the Netherlands

Nr. 7 in Europe in Business and Economics

WHY TILBURG?

WHY TILBURG?

LAW, MILLS 2015 Journal of Accounting Research“Taxes and financial constraints: Evidence from linguistic cues”

YOUNG, ZENG 2015 The Accounting Review"Accounting comparability and the accuracy of peer-based valuation models”

DE WAEGENAERE, SANSING, WIELHOUWER 2015 Contemporary Accounting Research"Financial accounting effects of tax aggressiveness: Contracting and measurement”

JIANG, KUMAR, LAW 2015 Review of Accounting Studies“Political contributions and analyst behavior”

HOLLANDER, VERRIEST 2015 Journal of Financial Economics“Bridging the gap: The design of bank loan contracts and distance”

PRACTICE MEETS ACADEMIA

OUR LECTURERSMix of professionals/academics

OUR OBJECTIVEKnowledge, skills, and attitude

OUR ASSIGNMENTSReal-life cases/academic writing

FACULTY

Christoph Sextroh

LEARNING OBJECTIVES

External reporting and analysis

• Demonstrate appropriate accounting methods to complete general accounting tasks

• Locate in the appropriate accounting literature relevant guidance on accounting

policies and measurement methods

• Prepare financial statements and other external reports, including note disclosures,

which are useful to external users for decision making

• Interpret financial and nonfinancial information (e.g., ratio analysis, trend analysis,

risk analysis, and forecasting) in external reports for decision making (e.g.,

investment, extension of credit, and audit risk)

• Explain how two alternative frameworks/standards/principles/methods applied to

a business transaction change financial and nonfinancial reporting (e.g., cash basis

vs. accrual basis; US GAAP vs. IFRS; disclosures in financial and nonfinancial

reporting)

• Give examples of how external reporting can be used to help an organization

(e.g., value-added activities), hurt an organization (e.g., intentional

misrepresentation), and keep an organization in compliance (e.g., regulation)

Planning, analysis, and control

• Analyze and explain the internal reporting needs of an organization

• Describe planning processes (e.g., strategic and operating plans, budgets,

forecasts, and risk management) to support the organization’s strategic planning

process

• Identify relevant quantitative and qualitative information required to make

organizational decisions (e.g., cash management, capital investment analysis,

product emphasis, and customer profitability) to support the organization’s strategic

and operating goals

• Interpret financial and nonfinancial performance data to assess operating

efficiency and effectiveness and identify areas for improvement

• Give examples of how planning, analysis, and control can help an organization

(e.g., variances identify quality problems), hurt an organization (e.g., budgetary

slack), and keep an organization in compliance (e.g., transfer pricing)

Information systems

• Explain how transactions are captured in an enterprise-wide information system

• Prepare a set of modules for an enterprise-wide information system (e.g., sales, accounts

receivable, procurement, etc.)

• Describe a conceptual framework for an information system that supports robust, real-time

management (e.g., activity-based costing, balanced scorecard) and financial reporting

• Describe and identify control weaknesses/risks in an information system control

environment

Assurance and internal control

• Explain professional standards for audits of the financial statements of public companies,

nonpublic companies, governmental entities, and not-for-profit entities

• Explain professional standards for other types of assurance engagements (e.g., reviews,

compilations, and special reports)

• Describe the different types of assurance engagements conducted by internal and

external auditors

• Prepare a set of internal control policies and procedures for a company using concepts of

COSO’s internal control framework

• Design an audit plan tailored to a client and the risks of that client

• Prepare assurance reports that document the work performed and how conclusions were

reached using relevant professional standards

• Give examples of organizations and stakeholders who were negatively impacted by

failures in operating, reporting, and compliance objectives (e.g., inefficient operations,

fraud, biased financial statements, and violations of laws and regulations)

Professional values, ethics, and attitudes

• Recognize ethical issues

• Use an ethical reasoning process to solve an ethical dilemma

• Identify the professional values and the attitudes and behavior consistent with those values

(e.g., integrity, objectivity, independence when applicable, professional skepticism, due

care, and global mind-set) that are appropriate for different ethical situations

• Demonstrate an open-minded attitude, including appreciation of cultural diversity and

empathy for other viewpoints

• Practice self-management, including a commitment to learning, an awareness of the

limitations of individual capabilities, objective consideration of others’ professional

criticism, and a desire for continuous improvement

• Recognize the profession’s broader economic and societal responsibility to the

public interest

Communication

• Write a professional report

• Make an oral presentation in a professional manner

• Apply appropriate content, form, and media to enhance understandability and

usefulness of communication for diverse situations and various internal and

external audiences

• Monitor the impact of communication to evaluate how well the desired meaning is

conveyed

Quantitative methods

• Use linear algebraic equations to determine revenue and profit targets (e.g., cost-

volume-profit models)

• Use statistical techniques (e.g., sampling and regression) to analyze data

• Draw appropriate conclusions based on statistical relationships

• Solve basic financial and operational problems and processes using appropriate

quantitative methods

• Use simulation and risk analysis techniques to evaluate alternative courses of

actions in financial and operating decisions

• Conduct sensitivity analyses to evaluate the reliability of results

• Describe limitations of various quantitative methods

Analytical thinking and problem solving

• Apply a systematic process of using professional judgment to solve a problem

• Explain the decision-making process in a professional accounting context

• Distinguish the level of quality and sufficiency of information in making a decision

(e.g., exercise due care; maintain skepticism; think independently; counteract bias,

deception, and distortion) and reconcile conflicting information

• Describe the process of gathering information about a situation before making a

decision (e.g., integrating information from diverse sources; recognizing and

questioning assumptions; and exploring interrelationships, and consequences)

• Explain how uncertainties and contingencies influence decision making

K: S: A:

Professional (RA/RC) trackCFA track

• Excellent preparation for a range ofcareers including auditing, consulting,corporate controller

• Stepping stone to PMA, ExecutiveMaster of Finance and Control

Offers a mix ofcore accounting andfinance courses, with

an emphasis oncorporatevaluation

CURRICULUM

Program MSc Accountancy 2017-18

RA/RC (Professional) track CFA track

Core courses Management Control Systems1

Master Thesis Proposal2

Corporate Financial Reporting3

Advanced Financial Accounting4

Master Thesis3-4

Compulsory courses Advanced Accounting Information Systems1

Advanced Auditing2

Financial Accounting Theory3

Financial Statement Analysis2

Empirical Methods in Finance1-2,*

Investment Analysis1

Financial Analysis and Investor Behavior4

Electives* Incentives and Contracts2

Financial Statement Analysis2

1) Block 1; 2) Block 2; 3) Block 3; 4) Block 4; *) Semester course

ELECTIVES

Registeraccountant (RA, CPA)

Register controller (RC)

Career?

Elective: Financial Statement Analysis

Elective: Incentives and Contracts

FINANCIAL STATEMENT ANALYSIS

Why pay $104 billion* for Facebook?

*) IPO offering price on May 18, 2012

INCENTIVES AND CONTRACTS

Latest scientific insights on:

- Executive compensation (options, bonus)

- Subjective performance evaluation

- Designing business units

- Promoting cooperation between units

- $1 CEO salaries

- Recruitment practices in family firms

- Et cetera

ADVANCED ACCOUNTING INFORMATION SYSTEMS

Employees are self-interested; how doget them act in the interest of the firm?Completeness

revenues?

CAREER PERSPECTIVES

Polic

y m

ake

rs, g

ove

rnm

ent

Tax a

utho

rity

Cre

dit a

naly

st

Mut

ual fu

nd m

ana

ger

Chi

ef

Execu

tive

Off

icer

Chi

ef

Fina

ncia

l O

ffic

er

Loa

n off

icer

Secu

rity

ana

lyst

Aud

itor

(Exte

rnal,

Inte

rnal)

Aud

it c

om

mitte

e

Bus

iness

report

er

Bus

iness

cons

ulta

nt

Corp

ora

te c

ont

rolle

r

M&

A s

peci

alis

t

Inve

stor

Sup

erv

isory

board

(A

FM, SEC

)

Fina

ncia

l m

ana

ger

Bus

iness

valu

ato

r

Inte

rnal a

uditor

Mem

ber

of

Boa

rd o

f D

irect

ors

Inve

stor

rela

tions

off

icer

Treasu

rer

CFA TRACK

Financial professional

E.g., equity analyst, bond analyst, M&A specialist, investment banking

What do we offer?

- Excellent preparation for CFA-Level 1 exam (cover 70% of CBOK)- Possibility to participate in Global Challenge- Chance to win one of five scholarships- Admission to TiU’s CFA events

How to become a Certified Financial Analyst (CFA)?

- A self-study curriculum with three levels of examinations- Relevant education based on practitioner-driven global body of

investment knowledge- Emphasis on ethical and professional standards- Worldwide examination locations (including Amsterdam)

POST-MASTER

Post-Master Accountancy (PMA)

- Three years, part-time on Fridays- No classes in January-April (“busy season”)

- Language? Dutch

- Where? Tilburg

European PMA

- Two-year program, blocks of 2 weeks- RA title + (e.g., Spain, USA)

- Where? May (Netherlands), July (Spain), November(Romania)

- Language? English

- www.tilburguniversity.edu/pma

- www.tilburguniversity.edu/epma

POST-MASTER

https://goo.gl/KWGDJ5

RESEARCH MASTER

Top students

- Develop analytical skills, econometric/statistical skills

- Economics of business and accounting- Academic reflection on corporate valuation, management accounting

and the role of accounting

Career opportunities

- Prepare for Ph.D, Professor of Accounting- Top position at (international) company

- Big data analyzing skills (much wanted!)

- Personal approach: one-on-one supervision

Placements

- In business: Duff & Phelps, Philips, De Nederlandsche Bank- In academics: University of Chicago, Nanyang Technological University

CAREER SUPPORT

Student Career Center and Alumni Services

Guiding you in your career planning process:

- Career workshops

- Individual career advice

- www.tilburguniversity.edu/careercenter

- TiSEM Career Mentor Program

Contact

- Build your CV: internships, board positions

- www.tilburguniversity.edu/alumni-tisem

Meet us

At the Master Fair, from 7:00-9:00 PM, in Academia building(get in contact with companies, students, study advisors, and program coordinators)

VISIT US

M A S T E R ’ S S T U D E N T F O R A DAY M A I L A S T U D E N T

M E E T S T U D E N T S, A LU M N I A N D L E C T U R E R S

O N L I N E C A M P U S TO U RWWW.TILBURGUNIVERSITY.EDU/

EDUCATION/MASTERS-PROGRAMMES/

ACCOUNTANCY/VISITUS

ADMISSION

All students

www.tilburguniversity.edu/education/masters-

programmes/admissionprocedure/feb/

You can enroll using Studielink

Non-TiSEM students

Non-TiSEM students, who want to enroll in a(pre-) Master program also need to submit anapplication for admission

More information?

QUESTIONS?

Dr. S. (Stephan) Hollander

Program Director MSc Accountancy

[email protected]

Drs. M.T.H. (Mira) Gorris

Program Coordinator MSc Accountancy

[email protected]

For questions regarding:

- Admission to the program

- Program set-up

- Other (practical) matters

Or, FAQs at